When will this round of crazy gold fever come to an end?

On the morning of September 25, China Construction Bank announced on its official website that starting from 9:10 on September 27, the minimum amount for personal gold accumulation business at CCB (including daily deposits and watchlist daily deposits) was raised from 600 yuan to 700 yuan. This is the second state-owned large bank to adjust the purchase point of accumulation gold due to the soaring gold price, following the Agricultural Bank.

In addition, it is worth noting that after nearly 20 times of refreshing historical records this year, spot gold hit a new all-time high this morning, reaching $2664 per ounce.

China Construction Bank also stated that it does not rule out the possibility of further adjustments to the purchase point of gold accumulation in the future. "We will continue to monitor changes in the gold market and adjust the above starting amounts and limits in a timely manner, and the specific adjustments will be announced through the official website of China Construction Bank and other channels."

Is the second round of banks adjusting gold accumulation businesses starting? Recently, ABC has taken the lead in making adjustments.

Financial Association reporters noticed that before CCB, other state-owned large banks had already adjusted their related businesses. On September 18, the Agricultural Bank announced on its official website that the purchase starting point for Yu Cun Jin Tong II will be adjusted to a floating method based on the gold price (reference the most recent valid quote for purchases of Yu Cun Tong during off-market hours), with a trading incremental unit remaining unchanged at 10 yuan. This is also the first bank this year to link the purchase point of accumulation gold to the gold price. Compared to CCB's fixed limit adjustment in this round, the Agricultural Bank's approach is clearly more flexible.

It is worth noting that due to the soaring international gold prices since this year, domestic gold prices have also risen. According to data from the Shanghai Gold Exchange, the price of Au99.99 gold has already risen by over 100 yuan/gram year to date.

Affected by the soaring gold prices, more than 10 large banks have announced an increase in the minimum purchase point for saving gold within the year, but mostly concentrated in the first half of the year.

Specifically, on March 6, China Construction Bank took the lead in announcing that starting from March 7, 2024, at 9:10, the regular saving threshold for personal gold savings business at CCB (including daily average saving and selected daily saving) was raised from 500 yuan to 600 yuan. Subsequently, Bank of Ningbo, Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Industrial and Commercial Bank of China, CM Bank, Ping An Bank and many other banks continued to follow suit to raise the minimum purchase point for saving gold, with most banks adopting a similar approach to China Construction Bank, maintaining the price increase at around 600 yuan. In addition, since the second half of this year, AgBank and CCB have successively made second adjustments.

India goes crazy buying gold, gold prices hit new historical highs, but banks are also warning of risks.

Currently, this round of gold price increases has not yet stopped. From the international market perspective, at the end of September, data released by the Indian government showed that in August, India's gold imports reached $10.06 billion, reaching the highest level in history when valued in US dollars. According to preliminary estimates by the consultancy firm Metals Focus, this is equivalent to about 131 tons of gold import, which could also achieve the sixth highest historical level in terms of import volume. According to Indian media reports, sales at gold jewellery stores in the country are also increasingly hot and staying high. In addition, according to Wind data, on the morning of September 25, the London spot gold price reached a high of $2664.34 per ounce, once again hitting a new historical high.

Looking at the situation in China, institutions are still optimistic about the trend of gold, with the bullish momentum in the market not diminishing recently. On September 24, Huatai Futures analysts Gao Tianyue and Li Yizi pointed out in a report that on September 23, 2024, gold increased by 5.916 billion yuan in positions, an increase of 2.51% compared to the previous day, ranking first in increased positions across all varieties that day; gold showed the highest increase in positions on the 5th and 10th rolling day.

Recently, Baocheng Futures analyst Lu Zhenxing pointed out in a report that with the beginning of the Fed's interest rate cut cycle, the US Dollar Index may break down, which in turn will be bullish for gold prices. In the short term, gold may outperform silver, as the gold-silver ratio is relatively high compared to mid-year levels. If gold remains strong, silver may have opportunities for catch-up. Looking into the fourth quarter, given the good trend of US inflation improvement, which is conducive to accelerating the Fed's interest rate cuts, this will to a large extent boost gold prices.

However, considering everything, the risk of gold investment should not be underestimated. In addition to raising the minimum purchase point for saving gold, China Construction Bank also issued relevant risk warnings today. The bank stated that recent price volatility in domestic and foreign precious metals markets has increased market risks. Please enhance your risk awareness for personal gold savings and other precious metals trading, control your positions reasonably, timely monitor your holding status and changes in margin balance, and invest rationally.